Rupee falls 4 paise to 82.63 against U.S. dollar
The Hindu
Rout in the banking stocks across the U.S. and Europe adversely impacted investor sentiment across the globe
The rupee depreciated by 4 paise to 82.63 against the U.S. dollar on Monday, tracking negative sentiments in the domestic as well as global equity markets.
Traders said a steep fall in crude oil prices, however, resisted the fall in the Indian currency.
At the interbank foreign exchange, the domestic unit opened stronger at 82.48 against the dollar. During intra-day, it went as high as 82.45 and hit the lowest level of 82.71. It finally settled at 82.63 (provisional) against the American currency, registering a fall of 4 paise against its previous close.
On Friday, the rupee settled at 82.59 against the U.S. dollar.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, after opening positive, the rupee started drifting lower towards 82.60 due to continued selling by the foreign institutional investors (FIIs) as traders across the globe were concerned over the US Federal Reserve policy decision scheduled on Wednesday.
"FIIs selling continued which kept rupee weak once positive opening on back of strong dollar. Rupee going ahead will keep volatility high as the important Fed interest decision due on Wednesday shall keep rupee in momentum," he said.
"Till then range for rupee is seen between 82.35-82.75," he added.